petervankan

The Ghost of Crude Oil Futures (Part 1/2)

Sure we need oil to get around. However, there are many - simultanious -developments that cut into demand:
people want to save money
non-hybrid cars are on their way out
there's ethanol and biodiesel
Rentech has produced its first barrels of diesel (from coal) for airlines
there's a new president

I expect oil to go up again in 2009 and 2010, up to around 150 again, and from 2011 it will be downhill. The era of oil will be over much sooner than most people expect.